Altcoins Make Unexpected Moves as Market Rally Continues
Despite a lack of clear motivation to watch altcoins heading into September, several names are having their best months in a while. The massive one-week market rally has lifted some altcoins more than others, with specific catalysts driving the gains.
Zcash (ZEC) shot up over 40% in a single session after Grayscale filed to convert its Zcash Trust into a spot ETF listed on NYSE Arca. This sent the token to an eight-year high above $860 and pushed its market cap past $13 billion, making it the 12th-largest crypto asset.
Hyperliquid (HYPE) jumped 21% after US President Trump mentioned the platform in a White House gathering of crypto executives. The launch of Elysium, a new Layer-2 network that routes half its sequencer fees into HYPE buybacks, also contributed to the token's rise.
Uniswap (UNI) has finally begun burning tokens held by the protocol, with roughly 150,000 UNI burned in a single day. This is a significant step towards reducing supply and increasing demand for UNI.
Circle's Arc Network will launch its public mainnet on September 16, featuring a list of validators including major names like BlackRock and Visa.